ALEXANDRIA, Va. –NCUA said it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Reports on time, effective Jan. 1, 2024.
The December 2023 Call Report will be the first reporting cycle under the reinstated program and will be due by 11:59 p.m. ET time, Jan. 30, 2024, the agency said. To assist credit unions in avoiding a penalty, NCUA said it will send a reminder to credit unions with outstanding Call Reports one week before the due date.
“The program was suspended after the December 2019 cycle due to the COVID-19 pandemic,” NCUA Chairman Todd M. Harper said. “It is now time to reinstate the program to ensure we provide credit union members, the financial services stakeholders, other regulators, and the public with the most accurate and up-to-date quarterly Call Report data on a timely basis.”
Extenuating Circumstances
The agency said it considers extenuating circumstances and will weigh mitigating factors outlined in Section 206 of the Federal Credit Union Act when assessing penalties. According to NCUA, those mitigating factors include:
- The size of financial resources and good faith of the credit union.
- The gravity of the violation.
- The history of previous violations.
- Other matters regarding the circumstances of late or false or misleading submissions, such as natural disasters and the incapacitation of key employees, among other factors.
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